Pangaea Logistics Solutions Ltd (PANL) 2024 Q2 法說會逐字稿

Good morning. My name is Savannah, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pangaea Logistics Solutions second-quarter 2024 earnings teleconference. Today's call is being recorded and will be available for replay beginning at 11:00 AM Eastern. Recording can be accessed by dialing 800-938-2378 domestic or 402-220-1129 international. (Operator Instructions)

早安.我叫薩凡納，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Pangea Logistics Solutions 2024 年第二季財報電話會議。今天的通話正在錄音中，並將於東部時間上午 11 點開始重播。撥打國內電話 800-938-2378 或國際電話 402-220-1129 即可存取錄音。（操作員說明）

It is now my pleasure to turn the floor over to Stefan Neely with Vallum Advisors. Please go ahead.

現在我很高興將發言權交給 Vallum Advisors 的 Stefan Neely。請繼續。

Thank you, operator, and welcome to the Pangaea Logistics Solutions second-quarter 2024 results conference call. Leading the call with me today is CEO, Mark Filanowski, and Chief Financial Officer, Gianni Del Signore, and COO, Mads Petersen.

謝謝營運商，歡迎參加 Pangea Logistics Solutions 2024 年第二季業績電話會議。今天與我一起主持電話會議的是執行長 Mark Filanowski、財務長 Gianni Del Signore 和營運長 Mads Petersen。

Today's discussion contains forward-looking statements about future business and financial expectations. Actual results may differ significantly from those projected in today's forward-looking statements due to various risks and uncertainties, including the risks described in our periodic reports filed with the SEC. Except as required by law, we undertake no obligation to update our forward-looking statements. At the conclusion of our prepared remarks, we will open the line for questions.

今天的討論包含有關未來業務和財務預期的前瞻性陳述。由於各種風險和不確定性，包括我們向美國證券交易委員會提交的定期報告中所述的風險，實際結果可能與今天的前瞻性聲明中預測的結果有顯著差異。除法律要求外，我們不承擔更新前瞻性聲明的義務。在我們準備好的發言結束後，我們將開放提問熱線。

With that, I would like to turn the call over to Mark.

說到這裡，我想把電話轉給馬克。

Thank you, Stefan, and welcome to those joining us on the call today. After the market closed yesterday, we issued a release detailing our second-quarter 2024 results. Our results for the quarter represent consistent execution of our cargo focused business model, amid a seasonably stable period for the dry bulk market. While the second quarter is typically one of our softer quarters in terms of demand, our fleet was well utilized on cargo contracts with key customers in Atlantic trade routes. Our strong utilization and consistent execution resulted in earned TCE rates exceeding the benchmark index by 7%.

謝謝你，Stefan，並歡迎今天加入我們電話會議的人們。昨天收盤後，我們發布了一份新聞稿，詳細介紹了 2024 年第二季的業績。我們本季的業績表明，在乾散貨市場處於季節性穩定時期的情況下，我們始終如一地執行以貨運為中心的業務模式。雖然第二季通常是我們需求疲軟的季度之一，但我們的機隊在與大西洋貿易航線主要客戶的貨運合約中得到了充分利用。我們強大的利用率和一致的執行力導致獲得的 TCE 率超出基準指數 7%。

We reported adjusted net income of $4.6 million for the second quarter and adjusted EBITDA of $15.9 million. Our adjusted EBITDA was about flat with the second quarter of last year as our achieved TCE rate improved 4% year over year but were offset by higher charter and vessel operating expenses. At a macro level, the global demand for dry bulk remains strong and has proven to be resilient in the face of ongoing political disruption and bottlenecks in key trade routes. Nonetheless, the overall supply of new build vessels remains constrained, which we believe will continue to put upward pressure on dry bulk rates in the near and intermediate term.

我們報告第二季調整後淨利潤為 460 萬美元，調整後 EBITDA 為 1590 萬美元。我們調整後的 EBITDA 與去年第二季基本持平，因為我們實現的 TCE 率比去年同期提高了 4%，但被較高的租船和船舶營運費用所抵消。從宏觀層面來看，全球對乾散貨的需求仍然強勁，並且在面臨持續的政治動盪和主要貿易路線的瓶頸的情況下已被證明具有彈性。儘管如此，新造船舶的整體供應仍然受到限制，我們認為這將在近期和中期繼續對乾散貨運價構成上行壓力。

The second half of the year represents a seasonal peak for our business due to heightened demand within our niche Arctic trade routes. Combined with our differentiated cargo-focused business model, we are well positioned to continue delivering consistent premium TCE returns relative to the prevailing market while also navigating any potential market volatility. While certain parts of the market have been under pressure since the end of the second quarter, we are seeing strong demand as the Arctic trade season begins to accelerate. Through today, we booked over 3,298 shipping days at an average TCE rate of $17,978 per day.

由於我們的北極貿易航線的需求增加，下半年是我們業務的季節性高峰。結合我們以貨運為中心的差異化業務模式，我們處於有利地位，能夠繼續提供相對於當前市場而言一致的優質 TCE 回報，同時應對任何潛在的市場波動。儘管自第二季末以來市場的某些部分一直面臨壓力，但隨著北極貿易季節開始加速，我們看到強勁的需求。截至今天，我們以每天 17,978 美元的平均 TCE 價格預訂了超過 3,298 個運輸天。

Strategically, we were very focused on capital allocation during the second quarter, continuing to fortify our balance sheet and opportunistically build our fleet of owned vessels. As we announced last quarter, we expanded our owned operating fleet of vessels by entering into an agreement to purchase two 58,000 deadweight ton sister ships built in 2016 for a total consideration of $56.6 million. We took delivery of the first of these two ships, the Bulk Brenton, in late July, and we will receive the Bulk Patience next week.

從策略上講，我們在第二季度非常注重資本配置，繼續強化我們的資產負債表，並伺機建立我們的自有船隊。正如我們在上季度宣布的那樣，我們簽署了一項協議，以總價 5,660 萬美元購買兩艘 2016 年建造的 58,000 載重噸姊妹船，從而擴大了我們擁有的營運船隊。我們在 7 月下旬接收了這兩艘船中的第一艘，即 Bulk Brenton 號，下週我們將收到 Bulk Patience 號。

Gianni will provide more specifics around our balance sheet here shortly, but I am happy to report we arranged financing for these two ships and refinanced balloon payments with a new $50 million credit facility with D&B Bank, another strong capital partner to our lending portfolio. During the quarter, our Terminal and Stevedore business delivered its highest level of profitability since we acquired the business in June of last year. We continue to focus on building out this segment with our Port of Tampa activity scheduled to begin expanded production in the second half of 2025.

Gianni 很快就會在這裡提供有關我們資產負債表的更多細節，但我很高興地向大家報告，我們為這兩艘船安排了融資，並透過我們貸款組合的另一個強大資本合作夥伴D&B銀行提供的5000 萬美元新信貸額度為巨額付款進行了再融資。本季度，我們的碼頭和裝卸業務實現了自去年 6 月收購該業務以來的最高獲利水準。我們繼續專注於建立這個細分市場，坦帕港活動計劃於 2025 年下半年開始擴大生產。

As we enter the peak demand season for our business in the second half of the year, we are well positioned to weather market volatility and deliver consistent return premiums over the prevailing market. Over the longer term, our cargo focused business model, expanded fleet of vessels, and strategic presence in niche trade routes, will enable us to continue delivering above-market returns, while our lean balance sheet supports our ability to utilize opportunistic growth capital investment, and provide our shareholders with a consistent dividend program.

隨著下半年我們進入業務需求旺季，我們已準備好應對市場波動，並提供比當前市場穩定的回報溢價。從長遠來看，我們以貨運為中心的業務模式、擴大的船隊以及在利基貿易航線上的戰略存在將使我們能夠繼續提供高於市場的回報，而我們的精簡資產負債表支持我們利用機會性成長資本投資的能力，並為我們的股東提供一致的股利計劃。

With that, I'll turn it over to Gianni for further discussion of our second-quarter results.

接下來，我將把它交給詹尼，以進一步討論我們的第二季業績。

Thank you, Mark, and welcome to all of those joining us today. Our second-quarter financial results are highlighted by continued premium TCE returns and strong operating cash flow generation. Second-quarter TCE rates were approximately $16,223 per day, a premium of approximately 7% over the average published market rates for Supramax and Panamax vessels in the period, which is supported by strong demand within our key Atlantic trade routes and our contracts of affreightment, which locked in rates for cargo performance.

謝謝你，馬克，歡迎今天加入我們的所有人。我們第二季的財務表現以持續優質的 TCE 回報和強勁的營運現金流為亮點。第二季的 TCE 費率約為每天 16,223 美元，比同期超靈便型和巴拿馬型船舶的平均公佈市場費率溢價約 7%，這受到我們主要大西洋貿易航線和貨運合約的強勁需求的支持，鎖定了貨運績效的費率。

Our adjusted EBITDA for the quarter was flat compared to the prior year at $15.9 million. Our adjusted EBITDA margin decreased 137 basis points to 12.1% as higher charter hire and vessel operating expenses offset higher market rates and growth in total shipping days year over year. Our total charter hire expense increased by 12% when compared to the second quarter of 2023, due to a 3% increase in total charter-in days and a 45% increase in the prevailing market rates for Panamax and Supramax vessels. Our charter-in cost on a per day basis was $16,583 per day in the second quarter of 2024. And through today, we've booked approximately 1,674 days at $14,505 per day for the third quarter.

本季調整後 EBITDA 為 1,590 萬美元，與前一年持平。我們調整後的 EBITDA 利潤率下降 137 個基點至 12.1%，原因是較高的租船租金和船舶營運費用抵消了較高的市場費率和總航運天數的同比增長。與 2023 年第二季相比，我們的總租船費用增加了 12%，原因是總租船天數增加了 3%，以及巴拿馬型和超靈便型船舶的現行市場費率增加了 45%。2024 年第二季度，我們的每日包機成本為 16,583 美元。截至今天，我們已經為第三季預訂了大約 1,674 天，每天 14,505 美元。

Vessel operating expenses net of technical management fees increased by 13% year over year from an average of 5,517 per day last year to $6,246 per day in the second quarter of '24. The increase in expenses per day was primarily driven by timing of expenses incurred in the second quarter of 2024 versus 2023. However, for the six-month period ended June 30, vessel operating expenses, net of technical management fees increased by only 3.5% from $5,575 to $5,773 per day.

扣除技術管理費後的船舶營運費用年增 13%，從去年的平均每天 5,517 艘增至 2024 年第二季的每天 6,246 美元。每日費用的增加主要是由於 2024 年第二季與 2023 年相比發生費用的時間安排所致。然而，截至 6 月 30 日的六個月期間，扣除技術管理費後的船舶營運費用僅增加了 3.5%，從每天 5,575 美元增加到 5,773 美元。

In total, our reported GAAP net income attributable to Pangaea for the second quarter was $3.7 million or $0.08 per diluted share compared to $2.8 million or $0.06 per diluted share in the second quarter of last year. When excluding the impact of the unrealized loss from derivative instruments as well as other non-GAAP adjustments, our reported adjusted net income attributable to Pangaea during the quarter was $4.6 million or $0.10 per diluted share, which was flat when compared to the second quarter of 2023.

總的來說，我們報告的第二季度歸屬於Pangea 的GAAP 淨利潤為370 萬美元，即稀釋後每股收益0.08 美元，而去年第二季度的淨利潤為280 萬美元，即稀釋後每股收益0.06 美元。當排除衍生性工具未實現虧損以及其他非GAAP 調整的影響時，我們報告的本季度歸屬於Pangea 的調整後淨利潤為460 萬美元，即稀釋後每股收益0.10 美元，與2017 年第二季度持平。

Moving on to the cash flows. Total cash from operations increased by $6.9 million year over year to approximately $9 million as stable profitability was bolstered by improved cash generation by net working capital. At quarter end, the company had $77.9 million in cash and total debt, including finance lease obligations of approximately $253 million. As Mark mentioned earlier, the second quarter was an active one from a financing perspective, as we paid off the final balloon payment on the Bulk Endurance, Bulk Pride, and Bulk Independence credit facility of approximately $20 million.

繼續討論現金流。營運現金總額年增 690 萬美元，達到約 900 萬美元，淨營運資本現金產生的改善增強了穩定的獲利能力。截至季末，該公司擁有 7,790 萬美元現金和總債務，其中包括約 2.53 億美元的融資租賃義務。正如馬克之前提到的，從融資角度來看，第二季度是一個活躍的季度，因為我們還清了Bulk Endurance、Bulk Pride 和Bulk Independence 信貸額度的最後一筆大額付款，金額約為2000 萬美元。

We subsequently entered into a new $50 million facility which was initially utilized to refinance the Bulk Endurance only for $17.6 million. The remaining capacity of this facility will be used for the delivery financing of the Bulk Brenton, which delivered in July and the Bulk Patience, which will be delivered in August, the initial drawdown of $17.6 million is payable over five years with a balloon payment at maturity of $9.7 million and an interest rate based on three-month SOFR plus 250 basis point spread. Further, in July, we refinanced the Bulk Prudence with a new lender generating $15.2 million of cash payable over five years with a balloon payment at maturity of $8.6 million and an interest rate based on three-month SOFR plus a 190 basis point spread.

隨後，我們簽訂了一項新的 5,000 萬美元融資協議，最初僅用於為 Bulk Endurance 專案提供 1,760 萬美元的再融資。該設施的剩餘運力將用於為 7 月交付的 Bulk Brenton 號和 8 月交付的 Bulk Patience 號提供交付融資，首筆 1760 萬美元的提款將在五年內一次性支付。美元，利率基於三個月SOFR 加250 個基點利差。此外，7月份，我們與一家新貸方為Bulk Prudence進行再融資，在五年內產生1520萬美元的應付現金，到期時一次性支付860萬美元，利率基於三個月期SOFR加上190個基點利差。

On a pro forma basis, after completion of these financings, our total debt to vessel book value is approximately 54%, which is flat when compared to the prior year period. And when adjusted for fair market value of our vessels, is approximately 43%. During the quarter, our overall interest expense remained flat relative to the prior year interest rates due to our fixed rate and cap rate debt, as well as benefits from interest yielding deposits, which generated nearly $700,000 in interest income.

按預計，完成這些融資後，我們的總債務與船舶帳面價值約為 54%，與去年同期持平。根據我們船舶的公平市場價值進行調整後，約為 43%。在本季度，由於我們的固定利率和上限利率債務，以及生息存款的收益，我們的整體利息支出相對於上一年的利率保持持平，產生了近 700,000 美元的利息收入。

At the end of the second quarter, the ratio of net debt to trailing 12-month adjusted EBITDA was 2.1 times. In the near term, our capital allocation focus will be on maintaining our nimble balance sheet in order to continue opportunistic investments in growth through the expansion of our onshore footprint in owned vessel capacity. We are also continuing to prioritize a consistent return of capital strategy as evidenced by our consistent dividend, which we believe can be sustained through all phases of the market cycle.

在第二季末，淨負債與過去 12 個月調整後 EBITDA 的比率為 2.1 倍。短期內，我們的資本配置重點將是維持靈活的資產負債表，以便透過擴大自有船舶運力的陸上足跡，繼續進行機會性投資以實現成長。我們也繼續優先考慮一致的資本回報策略，我們一致的股利證明了這一點，我們相信這種策略可以在市場週期的所有階段持續下去。

With that, we will now open the line for questions.

現在，我們將開通提問熱線。

(Operator Instructions) Liam Burke, B. Riley.

（操作員說明）Liam Burke，B. Riley。

Mark, on the fleet renewal program, you're balancing between charted-in and owned. Right now, the way you're looking at the market depending on asset prices, would you be more inclined to stay at pat? Or would you add or subtract vessels here?

馬克，在機隊更新計劃中，您需要在租用和自有之間進行平衡。現在，按照您根據資產價格看待市場的方式，您是否更傾向於按兵不動？或者你會在這裡添加或減少船隻嗎？

I think we want to stand at pat for just a little bit, Liam, see where the market's headed. We've been looking for good ships for a while. Maybe we watch the market move up in front of us. We've been on a few ships late last year and early this year, and we are just behind the market a little bit. And we finally found a couple of ships that really fit our fleet nicely. So we are aggressive in getting those ships. And that satisfies us for a little while. I think, not long term. But right now, I think we can take a breath.

我想我們想暫時維持現狀，利亞姆，看看市場的走向。一段時間以來，我們一直在尋找好船。也許我們會看到市場在我們面前上漲。去年年底和今年年初，我們已經上過幾艘船，只是稍微落後於市場。我們終於找到了幾艘非常適合我們艦隊的船。因此，我們正在積極爭取這些船隻。這讓我們暫時感到滿意。我想，不是長期的。但現在，我想我們可以喘口氣了。

Okay. Gianni you still have vessels under finance leases. Is there any opportunity to refinance those to further take down your debt -- your interest expense?

好的。詹尼，你仍然有融資租賃的船隻。是否有機會為這些債務進行再融資，以進一步減少您的債務—您的利息支出？

Some of them actually, one is coming due in September, Liam. And then others, I think we're pretty comfortable. And I gave that pro forma sort of look at our debt balances against our asset, both from a book value and a fair value perspective. I think right now, we're fortunate to be able to be flexible in our acquisition process, both last year with the port acquisition and then this year with a couple of ships.

事實上，其中一些是在九月到期的，利亞姆。然後其他人，我認為我們很舒服。我從帳面價值和公允價值的角度對我們的債務餘額與資產進行了預估。我認為現在，我們很幸運能夠在收購過程中保持靈活性，去年收購了港口，今年又收購了幾艘船。

So I think that still remains important to us, to have that flexibility. And I think where we look at our sort of total balance sheet, I think we're pretty comfortable. Not to say we won't attack that in the future if it presents itself, but I think where we are right now and I think, ultimately, having that flexibility, I think, is still important to us.

因此，我認為擁有這種靈活性對我們來說仍然很重要。我認為，從我們的總資產負債表來看，我們感到非常滿意。並不是說，如果它出現的話，我們將來不會攻擊它，但我認為我們現在所處的位置，我認為，最終，擁有這種靈活性對我們來說仍然很重要。

(Operator Instructions) Poe Fratt, AGP.

（操作員說明）Poe Fratt，AGP。

The macro question I have is a little -- I'm just highlighting in your presentation, so you talked about the Arctic trade accelerating. And I'm just wondering whether that's any different than previous years when you typically see an upturn in activity in Arctic in the third quarter? Or is there something different happening this year?

我的宏觀問題是一個小問題——我只是在你的演講中強調，所以你談到了北極貿易的加速。我只是想知道這是否與往年有什麼不同，往年您通常會看到第三季北極活動的改善？或是今年會發生什麼不同的事情嗎？

Yes. I think the difference Poe is mainly an earlier start than we've had in previous years. So I think that was what we were referring to there. The fleet of our ships is fully committed to that trade for Q3 and a little longer than that. So, yes.

是的。我認為坡的差異主要在於比我們前幾年開始得更早。所以我認為這就是我們所指的。我們的船隊在第三季和稍長的時間內完全致力於這項貿易。所以，是的。

Does that mean Mads that it will end earlier? Is it a finite time frame? Or is that just a benefit this year that you'll see.

這是否意味著麥茲會提前結束？這是一個有限的時間範圍嗎？或者這只是今年你會看到的一個好處。

I think it's a little bit too early to say. It's obviously dependent on the ice conditions out there in the end of October, right? But we certainly expect to have the same amount of business there this year, timing of it might move a little bit.

我認為現在說還為時過早。這顯然取決於十月底的冰況，對吧？但我們當然預計今年會有相同數量的業務，但時間可能會稍有變動。

Okay. And then in the same sentence or the same section you say that market rates are mixed. Could you just expand on that comment?

好的。然後在同一個句子或同一部分中，您說市場利率是混合的。您能擴展一下該評論嗎？

Yes. I think if you look at the overall market for the quarter, it's sort of been remarkably stable. But individual pockets of the market, so geographical medians still have volatility. So I think when the quarter started, the Pacific was trading higher than the Atlantic, which is sort of an anomaly if you look at it in a longer view. That trend has sort of emerged in the last couple of months. So back to something that reflects the normal situation. So that is what we're referring to there.

是的。我認為，如果你看看本季的整體市場，你會發現它非常穩定。但市場的個別區域，因此地域中位數仍存在波動。因此，我認為當本季開始時，太平洋地區的交易價格高於大西洋地區，如果你從長遠的角度來看，這有點反常。這種趨勢在過去幾個月中已經出現。那麼回到反映正常情況的事情上來。這就是我們所指的。

Okay. And are you seeing, Mads, any change in demand. There's a lot of concern about just the macroeconomic picture out there. Any change in demand that you're seeing from your customers at this point in time?

好的。Mads，您是否看到需求有任何變化？人們對宏觀經濟情勢有許多擔憂。目前您從客戶看到的需求有什麼改變嗎？

I think our customers in our trades are still pretty optimistic in our rent to trade for sure around our construction materials, cement and aggregate and that stuff. Same on metallics, pretty optimistic still. And I think macro sort of overall demand is up quarter-on-quarter compared to last year, right? So for reasons that also has to do with sort of the trading disruptions that we have talked about before, I think.

我認為我們行業的客戶對我們的建築材料、水泥和骨料等的租金交易仍然相當樂觀。金屬也是如此，仍然相當樂觀。我認為宏觀整體需求與去年相比較上季成長，對吧？因此，我認為，這也與我們之前討論過的交易中斷有關。

Sounds good. And then, Mark, when you look at the overall fleet, expanded to 26, is that sort of something we should look at stability going forward? Or do you -- is there -- there are potentially opportunities to sell some of those to improve the age profile?

聽起來不錯。然後，馬克，當你看看整個機隊擴大到 26 架時，我們是否應該考慮未來的穩定性？或者你有機會出售其中一些以改善年齡狀況？

We're constantly looking at the fleet and ways to maintain the average age, Poe. So I think you'll see us over time sell off some older ships and add newer ships. Of course, we do have an appetite to grow the fleet as well. So we're looking for opportunities to do that, in the right way at the right time.

我們一直在研究機隊和保持平均年齡的方法，坡。所以我認為隨著時間的推移，你會看到我們出售一些舊船並增加新船。當然，我們也有擴大機隊的興趣。因此，我們正在尋找機會，在正確的時間以正確的方式做到這一點。

Okay. And then Gianni, on the refinancing and just the financing front, the Prudence, I think you've refinanced and it looked like you paid down about $4.6 million of one of the facilities. Could you highlight which facility that $4.6 million came out of.

好的。然後，Gianni，在再融資和融資方面，Prudence，我認為您已經進行了再融資，而且看起來您已經支付了其中一項融資的約 460 萬美元。您能否強調一下這 460 萬美元來自哪個設施？

Yes. We had the balloon, the final maturity on the Bulk Endurance, Bulk Pride, and Bulk Independence facility that came due in May within the quarter, right around the end of May. We subsequently took only the Endurance and we refinanced her, so the balloon payment was around $21 million, and we refinanced the Endurance for about $17 million and kept the Pride and the Independence debt-free as of today. So that was in reference to that transaction.

是的。我們擁有氣球，即 Bulk Endurance、Bulk Pride 和 Bulk Independence 設施的最終成熟期，該設施將於本季度內的 5 月到期，大約在 5 月底。隨後我們只購買了Endurance 號，並對她進行了再融資，所以最後一筆付款約為2100 萬美元，我們為Endurance 號再融資了約1700 萬美元，並且截至今天，Pride 號和Independence 號都沒有債務。這就是指那筆交易。

And then part of that transaction with the Endurance basically was the first step in that $50 million facility we put together, in the quarter, and that gave us a lot more sort of flexibility going into the year where we could acquire those, the Brenton and the Patience. So yes, that debt reduction was just part of that sort of transaction.

然後，與 Endurance 的交易的一部分基本上是我們在本季度建立的 5000 萬美元設施的第一步，這給了我們更多的靈活性，讓我們可以在今年購買這些，布倫頓和耐心。所以，是的，債務削減只是這類交易的一部分。

Okay. And then the $50 million senior secured facility, it looks like you've drawn down $32.8 million with the latest financing. Is that correct? And what would the remainder be in your store? Is that correct.

好的。然後是 5000 萬美元的高級擔保貸款，看看您已經通過最新融資提取了 3280 萬美元。這是正確的嗎？你的商店裡剩下的是什麼？這是正確的嗎？

So the first tranche was the Endurance at $17.6 million and then the Bulk Brenton delivered on July I think it was July 26 around, it delivered, and we used around $15.6 million for the Brenton. And now the Bulk Patience is coming next week, between August 15 and August 20, she's coming, and we'll use the balance of the facility for that. So we're basically -- we added a little capacity right on that facility, so we could sort of have a somewhat of a hunting license to go out and acquire ships. But we were pretty quick to fill it. And after delivery of the Patience, the facility is basically full.

因此，第一批是 Endurance，價格為 1760 萬美元，然後 Bulk Brenton 在 7 月交付，我認為是在 7 月 26 日左右，它交付了，我們為 Brenton 使用了大約 1560 萬美元。現在，批量耐心將於下週（8 月 15 日至 8 月 20 日）到來，她將來，我們將為此使用設施的餘額。所以我們基本上——我們在該設施上增加了一點容量，這樣我們就可以擁有某種狩獵許可證來出去獲取船隻。但我們很快就填滿了。而Patience號交付後，設施基本上已滿。

Okay. I guess I'm looking on the subsequent events in the 10-Q, and it references the $15.2 million senior secured term loan was financed to Bulk Prudence, is that --

好的。我想我正在查看 10-Q 中的後續事件，其中提到了向 Bulk Prudence 提供的 1520 萬美元高級擔保定期貸款，是嗎？--

Right. That was separate. The Bulk Prudence was a different facility, also closed late -- sorry, early in the third quarter, right around the second week of July. So a sub event for the second quarter. But in our remarks just a few minutes ago, Poe, I do give sort of a pro forma after completion of all of these financings. What is our balance sheet from a leverage perspective look like from asset value debt versus vessel asset value. And also, we gave a comment about -- from a fair market perspective as well, what we think, what we believe the leverage profile looks like as well. So that was -- and those numbers are all after we complete these financings that we've discussed as subsequent events.

正確的。那是分開的。Bulk Prudence 是一家不同的機構，也關閉得很晚——抱歉，是在第三季初，也就是七月第二週左右。這是第二季的子活動。但在我們幾分鐘前的演講中，坡，我確實在完成所有這些融資後給出了一個預期的結果。從資產價值債務與船舶資產價值的槓桿角度來看，我們的資產負債表是什麼樣的。此外，我們也從公平市場的角度發表了評論，我們的想法以及我們認為槓桿狀況是什麼樣的。所以，這些數字都是在我們完成這些融資之後的數字，我們已經將其作為後續事件進行了討論。

Yes. So Gianni, if you have it handy, could you run through the Brenton, how much you drew down, what's the interest rate spread, the amortization and then the balloon payment and the same with the Patience, if you have that handy.

是的。所以，詹尼，如果你手頭上有的話，你能查一下布倫頓，你提款了多少，利差是多少，攤銷，然後是大額付款，如果你手頭有的話，耐心也一樣。

Sure. Yes. No, absolutely. So the Brenton was a drawdown of $15.6 million. And it's part of the facility. So it's a SOFR plus 2.5%, and it amortizes over 5 years to a balloon of about $8 million.

當然。是的。不，絕對是。因此，布倫頓號的提款額為 1560 萬美元。它是該設施的一部分。因此，它是 SOFR 加 2.5%，並在 5 年內攤銷至約 800 萬美元。

Okay. And then the Prudence, I know that -- will that be roughly the same?

好的。然後是 Prudence，我知道──會大致相同嗎？

Prudence is actually quite --

謹慎其實相當--

I am sorry, the Patience.

對不起，耐心。

Patience will be very similar, correct. It falls into the same facility. It has the same 5-year amortization and the balloon will be very, very similar.

耐心會很相似，正確的。它屬於同一設施。它有相同的 5 年攤銷，氣球也將非常非常相似。

Same as Brenton, so roughly --

和布倫頓一樣，大致是如此--

Correct.

正確的。

Okay. And so you're not going to actually fully draw down that $50 million of -- you'll have a little bit, just a little --

好的。所以你實際上不會完全提取那 5000 萬美元——你只會有一點點，只是一點點--

We'll have a little bit of capacity. Obviously, we're not going to keep that capacity open. We'll cancel the remaining $1 million or $2 million that's there. And then we'll work with that bank on future deals, which is good. So we have another option at our disposal.

我們會有一點能力。顯然，我們不會保持該能力的開放。我們將取消剩餘的 100 萬或 200 萬美元。然後我們將與該銀行合作進行未來的交易，這很好。所以我們還有另一個選擇。

And then can you just talk about the port logistics business, a really healthy increase in the third quarter. Is that seasonal? Or is it something that will continue into the fourth quarter and into 2025. And then what's the impact of the expansion in Port Everglades and how much capital are you putting into that expansion?

然後你能談談港口物流業務嗎？是季節性的嗎？或者這種情況會持續到第四季和 2025 年。那麼埃弗格萊茲港擴建的影響是什麼？

So as far as the margins in that business this year, we have the operation in Baltimore, which is pretty consistent, right? It's a monthly sort of a fee that we're being paid to operate that port, and it's pretty consistent volume. But with Everglades, it can be lumpy. There are seasonal peaks.

就今年該業務的利潤率而言，我們在巴爾的摩的業務非常穩定，對吧？這是我們每月支付的運營該港口的費用，而且數量相當穩定。但對於大沼澤地來說，它可能是崎嶇不平的。有季節性高峰。

In the second quarter, we did have some dry bulk vessels come to port, which do drive higher margins. And it was decent volumes for the second quarter. We want to grow that business, and we're happy to see that there is some increase in volume there. But is a focus for us, and we'll keep doing it. But it is a lumpy business, and it's seasonally driven. And then as far as the -- Mads will comment a bit on the expansion.

第二季度，我們確實有一些乾散貨船進港，這確實推動了利潤率的提高。第二季的銷量還不錯。我們希望發展該業務，並且很高興看到該業務的數量增加。但這是我們的重點，我們將繼續這樣做。但這是一個不穩定的行業，而且是季節性驅動的。然後，麥茲將對資料片發表一些評論。

Poe, I just want to clarify, do you mean the Tampa expansion?

Poe，我只是想澄清一下，你指的是坦帕擴建嗎？

Yes. I'm sorry, the one that hits in second half '25, that was put out as a --

是的。抱歉，25 年下半年的那個，被當作--

No, that's in the Redwing Terminal in Tampa. It is not something that is expected to be a big draw on our capital. I think we're $3 million to $5 million maybe, we will be operating that facility with JV partners. So it's a shared investment. Again, we expect that operation to be up and running in maybe late Q3 next year, second half, for sure, of the year.

不，那是在坦帕的紅翼航站樓。預計這不會對我們的資本造成很大的影響。我想我們可能需要 300 萬到 500 萬美元，我們將與合資夥伴一起運營該設施。所以這是一項共同投資。同樣，我們預計該業務可能會在明年第三季末（當然是今年下半年）啟動並運行。

Yes. So far in Tampa, what we do have and what you're seeing maybe in our financials is the ground lease. We've leased two acres of space at the port, and it ends up on our balance sheet as a right-of-use asset and a lease liability, pretty small number, but that is the two-acre property that we're leasing there in Tampa.

是的。到目前為止，在坦帕，我們所擁有的以及您可能在我們的財務數據中看到的就是地面租賃。我們在港口租了兩英畝的空間，它最終作為使用權資產和租賃負債出現在我們的資產負債表上，這個數字相當小，但這就是我們租賃的兩英畝的財產坦帕那裡。

And this will conclude today's question-and-answer session. I'd like to now turn the call back over to Mark Filanowski for closing comments.

今天的問答環節到此結束。我現在想將電話轉回馬克·菲拉諾夫斯基以徵求結束意見。

Thank you all for joining us on a summer Friday morning. Please enjoy the rest of your day. Thanks. Thanks again.

感謝大家在夏天的星期五早上加入我們。請享受您剩下的一天。謝謝。再次感謝。

And this will conclude today's conference. Thank you for your participation, and you may now disconnect. .

今天的會議到此結束。感謝您的參與，您現在可以斷開連接。 。